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Council approves Wally's redevelopment package: TIF, TDD and bond authorizations move forward
Summary
The Independence City Council approved multiple ordinances to advance the 'Wally's' redevelopment, including a TIF plan, transportation development district agreements and industrial development bond authorization; council discussed MoDOT approvals and reimbursement limits for transportation improvements.
The Independence City Council on Dec. 15 approved a suite of measures to advance the Wally's redevelopment at Exit 12, including tax increment financing (TIF) provisions, support for a Transportation Development District (TDD), and an industrial development plan authorizing taxable industrial revenue bonds.
City and economic development staff summarized key terms and protections. David Martin said the transportation-related improvements eligible under the TIF plan were approximately $9.8 million, with a maximum reimbursable amount of $7.6 million for specified improvements. Tom Skynold said MoDOT had sent an approval memo outlining…
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